Redfin: Home Prices and Buyer Competition Hit New Highs in June as
Inventory Drought Dragged into 21st Consecutive Month

New records set: 26.6 percent of homes sold in June went for more
than their asking price and the typical home found a buyer in 36 days

In Denver, Seattle and Portland, the typical home sold in June was
off the market in a week

July 13, 2017 08:00 AM Eastern Daylight Time

SEATTLE--(BUSINESS WIRE)--U.S.
home prices rose 7.3 percent to a median sale price of $298,000 in
June, according to Redfin (www.redfin.com),
the next-generation real estate brokerage. This is the highest national
median sale price Redfin has recorded since the company began keeping
track in 2010.

Home sales increased 1.9 percent compared to last year, constrained by a
long-standing inventory shortage. The number of homes for sale fell 10.7
percent, leaving just 2.5 months of supply—the lowest supply on record
since 2010—and well below the six months that represents a market
balanced between buyers and sellers.

Every record in market speed and competition that was set in May was
broken again in June. The typical home that sold in June went under
contract in 36 days, one day faster than in May, setting a new
record-fast pace for home sales. Denver, Portland and Seattle were the
fastest-moving markets, with the typical home in each market finding a
buyer in just seven days. More than a quarter (26.6%) of homes sold
above their list price, the highest percentage Redfin has recorded. The
average sale-to-list price ratio hit a record high of 95.5 percent in
June.

“This market is unlike any we’ve ever seen before,” said Redfin chief
economist Nela Richardson. “Month after month, new records are set for
the pace at which homes are going under contract. Demand continues to
swell while supply troughs. For buyers competing in this market, it’s
survival of the fittest. The strongest offers that are most likely to
close quickly and smoothly rise to the top of the pile.”

Regional June Highlights

Competition

Denver, CO, Portland, OR and Seattle, WA tied for fastest market at 7
median days on market, followed by Grand Rapids, MI (8) and Boston, MA
(9).

The most competitive market in June was San Jose, CA where 73.7% of
homes sold above list price, followed by 70.6% in San Francisco, CA,
69.8% in Oakland, CA, 62.3% in Seattle, WA, and 52.6% in Tacoma, WA.

Ten out of 89 metros saw sales surge by double digits from last year.
Poughkeepsie, NY led the nation in year-over-year sales growth, up
42.6%, followed by Camden, NJ, up 23.1%. Lakeland, FL rounded out the
top three with sales up 16.3% from a year ago.

Buffalo, NY saw the largest decline in sales since last year, falling
26.9%. Home sales in Rochester, NY and Fort Lauderdale, FL declined by
21.2% and 15.5%, respectively.

Inventory

San Jose, CA had the largest decrease in overall inventory, falling
42.2% since last June. Rochester, NY (-29.7%), San Francisco, CA
(-26.6%), and Tampa, FL (-26.5%) also saw far fewer homes available on
the market than a year ago.

Three metros in Utah saw the highest increases in the number of homes
for sale. Ogden, UT had the highest increase in inventory, up 40.5%
year over year, followed by Provo, UT (36.7%) and Salt Lake City, UT
(30.1%).

Redfin (www.redfin.com)
is the next-generation real estate brokerage, combining its own
full-service agents with modern technology to redefine real estate in
the consumer's favor. Founded by software engineers, Redfin has the
country's #1 brokerage website and offers a host of online tools to
consumers, including the Redfin
Estimate, the automated home-value estimate with the industry's
lowest published error rate for listed homes. Homebuyers and sellers
enjoy a full-service, technology-powered experience from Redfin real
estate agents, while saving thousands in commissions. Redfin serves more
than 80 major metro areas across the U.S. The company has closed more
than $40 billion in home sales.

For more information or to contact a local Redfin real estate agent,
visit www.redfin.com.
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